MINOT, N.D., Feb. 6, 2014 (GLOBE NEWSWIRE) -- Investors Real Estate Trust (NYSE:IRET) (NYSE:IRETPR) (NYSE:IRET PRB) announced today that its operating partnership, IRET Properties, recently completed its acquisition of a newly-built, triple-net leased assisted living facility in Fruitland, Idaho. The Spring Creek Fruitland Assisted Living Facility was acquired for a purchase price of $7.1 million from an affiliate of Edgewood Group LLC. The 39,222 square-foot building was constructed in 2013, and consists of 55 units on approximately 2.3 acres. The facility is leased to and will be operated by Edgewood Fruitland Senior Living, LLC, an affiliate of Edgewood Group LLC. With the addition of the Spring Creek Fruitland Assisted Living Facility, IRET Properties now owns eight assisted living facilities in Idaho.
IRET also announced today the recent acquisition by IRET Properties, for a purchase price of $335,000, of an approximately 3.4 acre parcel of vacant land adjacent to the Spring Creek Fruitland assisted living facility, for possible future development.
About Investors Real Estate Trust
Investors Real Estate Trust is an equity real estate investment trust. Its business consists of owning and operating income-producing multi-family residential and commercial properties located primarily in the upper Midwest. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis, Minnesota and Omaha, Nebraska.
Forward-Looking Statements
Certain matters discussed within this press release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although IRET believes the expectations reflected in the forward- looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, due to factors including, but not limited to, the risk factors described in our Annual Report on Form 10-K, and include risks that we may choose not to proceed with planned development projects, or may not be able to proceed with or obtain necessary approvals or financing for planned development projects, and that completion of anticipated development projects may cost more, take more time to complete, or fail to perform as expected; and also include risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this press release. We make no promise to update any of the forward-looking statements as a result of new information, future events or otherwise. You should carefully review the risks and risk factors included in our Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission.